What is a price?

The number the seller writes down is an asking price. The number the buyer says is an offer. Neither of them is a price yet.

A price is the number two people agreed on. It comes into being the moment they agree, and does not exist before that. So whenever you name a price, you are saying that at that number somebody bought and somebody sold.

Every agreement has two sides. That is why there is no such thing as a price with "no buyers left" or "no sellers left": if there is a price, both of them were there at that moment. If the same bicycle changes hands at 5,400 the next day, the new price is 5,400 — the old number did not turn out to be wrong, it simply got older.

A price is not the "true value" of anything. The number 5,000 says one thing only: at that moment, those two people agreed on it. Everyone may hold a different opinion about what the bicycle is worth; the number they shook hands on records none of that argument, only the agreement itself. "Expensive" and "cheap" are therefore not the record's words; they are interpretation, and interpretation is always added by a person.